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Entries in Market Watch (253)

GTA REALTORS® RELEASE MONTHLY RESALE HOUSING FIGURES

TORONTO, October 3, 2013 – Greater Toronto Area REALTORS® reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30 per cent increase compared to 5,687 transactions reported in September 2012. Year-to-date, total residential sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 – down by one per cent compared to the same period in 2012.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.

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Posted on Friday, October 4, 2013 at 12:16PM by Registered CommenterElaine in | CommentsPost a Comment

GTA REALTORS® RELEASE MID-MONTH RESALE HOUSING FIGURES

Greater Toronto Area REALTORS® reported 3,158 transactions through the TorontoMLS system during the first 14 days of September 2013. This result was up by 29 per cent in comparison to September 2012. Sales were up for all major home types on a year-over-year basis. The condominium apartment segment led the way with strong sales growth in the City of Toronto.

“The strong growth in sales that we have seen over the past two-and-a-half months indicates that GTA households are approaching home ownership with a renewed sense of confidence. Prospective home buyers have taken a hard look at their household balance sheets over the past year and have found that, despite stricter lending guidelines, there are affordable property types from which to choose,” said Toronto Real Estate Board President Dianne Usher.

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Posted on Tuesday, September 24, 2013 at 02:22PM by Registered CommenterElaine in | CommentsPost a Comment

If rising rates don’t cool housing, Flaherty may have to

August was a sizzling month for home sales in many Canadian cities. Bank of Montreal economists now figure overall existing home sales rose by 13 per cent in August, after a 9.4 per cent increase in July.

The MLS house price index probably rose by 3 per cent year over year, says BMO chief economist Doug Porter. Expect Finance Minister Jim Flaherty to be watching closely. If this kind of increase continues, Ottawa will likely make another policy move to cool sales in what some still consider to be one of the world’s most overheated housing markets. But that probably won’t be necessary.

Two factors are likely behind the hot summer sales activity. In July 2012, the federal government tightened mortgage rules for the fourth time in four years, leading to a sharp drop in transactions starting that month and continuing into this year. However, TD chief economist Craig Alexander, drawing on past data, predicted in January that demand would adjust over two to three quarters following the federal action until the market acclimatized to the new realities, before returning to normal. With the economy little changed from a year ago, that is now happening. Given the depressed sales levels starting in summer 2012, the year over year increase is even more pronounced.

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Posted on Friday, September 6, 2013 at 01:44PM by Registered CommenterElaine in | CommentsPost a Comment | References1 Reference

GTA REALTORS® Release Monthly Resale Housing Market Figures

Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.

“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home. These households have found that a diversity of affordable ownership
options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.

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Posted on Thursday, September 5, 2013 at 01:52PM by Registered CommenterElaine in | CommentsPost a Comment

GTA REALTORS® RELEASE MID-MONTH RESALE FIGURES

Greater Toronto Area REALTORS® reported 3,359 sales through the TorontoMLS system during the first two weeks of August 2013. This result represented a 22 per cent increase compared to 2,743 sales in August 2012.

Sales were up on a year-over-year basis for all home types. Total new listings were up over the same period, but by a much lesser rate than sales.

“The strong annual sales growth experienced in July was sustained in the first two weeks of August. The fact that sales were up for all major home types in the City of Toronto and surrounding regions suggests that a wide range of buyers are active in the marketplace today – from first-time buyers through to existing home owners whose housing needs have changed,” said Toronto Real Estate Board President Dianne Usher.

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Posted on Friday, August 16, 2013 at 11:20AM by Registered CommenterElaine in | CommentsPost a Comment